Tempo Automation Holdings, Inc. Receives a Default Notice From its Senior Lender Consortium
SAN FRANCISCO, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Tempo Automation Holdings, Inc. (NASDAQ: TMPO, the “Company”) has received a default notice from its senior lender consortium. As previously disclosed, Tempo Automation, Inc. (“Tempo OpCo”), a Delaware corporation and wholly owned subsidiary of the Company, previously entered into that certain First Amended and Restated Loan and Security Agreement, dated as of November 22, 2022 (as amended, the “Loan Agreement”) by and among Tempo OpCo, Structural Capital Investments III, LP (“SCI”), Series Structural DCO II series of Structural Capital DCO, LLC (“DCO”), CEOF Holdings LP (“CEOF”), SQN Tempo Automation, LLC (“SQNTA”), SQN Venture Income Fund II, LP (“SQNVIFII” and, together with SCI, DCO, CEOF and SQNTA, the “Lenders”), and Ocean II PLO LLC, as administrative and collateral agent for the Lenders (the “Agent”), and that certain Forbearance Agreement and First Amendment to First Amended and Restated Loan and Security Agreement, dated as of June 20, 2023 (the “Forbearance”), by and among the Company, Tempo OpCo, the Lenders, and the Agent. The Loan Agreement is secured by the assets of Tempo OpCo and its subsidiaries (the “Collateral”), and the Company is a party to the Loan Agreement and has guaranteed Tempo OpCo's obligations thereunder. The Loan Agreement and Forbearance were attached as exhibits to the Company's Current Reports on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on December 6, 2022 and June 21, 2023, respectively.
Sep 21, 2023 | www.globenewswire.com
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